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Last week Kraken announced that the Wyoming Banking Board had voted in favour of the exchange's application for a banking charter under Wyoming's Special Purpose Depository Institution statute. This charter makes Kraken the first cryptocurrency company to gain banking status.
Receiving the banking charter opens traditional rails in the finance world that had previously been unavailable to the exchange, and in turn, will lead to the development of a range of innovative new banking services.
In this interview, I talk to Kraken Financial CEO David Kinitsky and Kraken's Chief Legal Officer Marco Santori. We discuss the creation of a crypto bank, what it will mean to both the industry and Kraken customers and why they chose Wyoming.